Posts Tagged ‘Money’

Money vows for newlyweds

Money vows for newlyweds
A sound financial plan is one way to make the honeymoon last forever. Eighty-six per cent of couples admit they argue about money, a 2009 survey by Torque Customer Strategy finds.[...]

Read more on The Sudbury Star

Fed Seeks Help From Money Funds to Drain $1 Trillion (Update1)

Fed Seeks Help From Money Funds to Drain $1 Trillion (Update1)
The Federal Reserve is in talks with money-market mutual funds on agreements to help drain as much as $1 trillion from the financial system as policy makers prepare for the first interest-rate increase since June 2006, according to a person familiar with the discussions.

Read more on BusinessWeek

Fed in Talks With Money Market Funds to Help Drain $1 Trillion

Fed in Talks With Money Market Funds to Help Drain $1 Trillion
Feb. 11 (Bloomberg) — The Federal Reserve is in talks with money-market mutual funds on agreements to help drain as much as $1 trillion from the financial system as policy makers prepare for the first interest-rate increase since June 2006, according to a person familiar with the discussions.

Read more on Bloomberg

Banks join Money Expo Pattaya

Banks join Money Expo Pattaya
Kasikornbank and Siam Commercial Bank are wooing Eastern home buyers with the offer of 6-month zero mortgage rate as well as other financial services at the Money Expo Pattaya#2 at Royal Cliff Beach Resort during February 5-7.

Read more on The Nation – Thailand’s English news

GERALD KRAMER: Money Smarts – Mortgage modification is worth a try

GERALD KRAMER: Money Smarts – Mortgage modification is worth a try
By one guesstimate, about 25 percent of the mortgages in the U.S. are underwater, meaning that the home value is less than the mortgage. Chalk it up to the general decline in home prices throughout the country, with some areas getting hit much harder than others. South Florida is an example of the latter. The run-up in prices prior to the bust was by any measure extraordinary; values doubled (or …

Read more on Naples Daily News

Kane rental assistance money still available

Kane rental assistance money still available
They were being foreclosed on, and faced moving with nowhere to go.The central Kane County family had no money for rent, obviously, because they had no money for their mortgage. So Lazarus House came to their aid.

Read more on The Beacon News

Where Oh Where Does My Money Go?

Have you wondered why “getting ahead” seems so much harder for us than it did for our parent’s generation?

Is it because things simply cost so much more?…or maybe it’s because they were much better at making wise decisions with their money.

Or maybe, just maybe it’s because we are dying a slow financial death as interest slowly eats away at any additional money that was “ear marked” to save or invest.

Could it be that we are being bombarded with huge marketing campaigns that convince us to use our credit cards to buy far more than we need, and then refinance our homes to pay off that debt?

Thank goodness that many of us have 401k’s and pension plans in our workplace, because for many it’s the only money that is being saved at all, but since we can’t really get to those dollars until we are 59 ½, you have to wonder whether we’ll run out of money long before we ever have access.

If you look at what has happened to the average mortgage, the picture begins to reveal itself. Back in 1972 the median home price was under $30,000. So you can imagine how much the average mortgage was. But for the purpose of our analysis let’s say you financed $30,000 for 30 years. Even with higher interest rates the total interest paid on that 30 year loan was around $45,000.

Fast forward to 2007. The median home price is 211,000. If you financed the entire amount at 6. 5% interest for 30 years, you would pay $269,117. 00 in JUST INTEREST!

Now do you see where our money is going? Then if you add the fact that many of us our using our homes like giant ATM machines and sucking the equity out to pay off credit card debt, the picture looks even worse. Every time you get caught up in the refinance game, you are back to the starting line with a brand new mortgage where you are paying mainly interest for 21 years! Did you now that if you refinance in the first 5 years of that mortgage that you could be paying an effective interest rate over 100%?

So what can we do? We simply don’t have the cash to go out and buy our homes outright, we need to have a mortgage. The answer lies in getting that mortgage paid off as quickly as possible.

In Australia the One Account accomplishes this very nicely, and on average they are paying $100,000 less in interest than we do here in the U. S. Their mortgages simply look like our checking accounts, so they deposit their paychecks into their “One” account, and take advantage of the float on their money. We all know that there is almost always some money that sits in your checking account for a few days at least until you need to pay it out on an expense. In Australia that “money float” is working against the interest on your mortgage.

Here in the States the banking laws don’t permit us to utilize the “One Account” concept. But companies are now stepping forward with versions that will work here to accomplish the same goal.

NBC News in Las Vegas recently aired a report on a Valet working at a Strip Casino. By using one of these products

He will pay off his home in under 5 years, and save over $300,000 in interest! There is the money he needs to begin to turn the corner and put his money to work for his future.

If you would like to view this report, it’s available at http://www. ownin5. com.

It’s time that we all begin to do our homework and take a good look at what is happening as the financial landscape slowly changes.

What worked in our parents generation, may simply no longer make sense for us. We need new awareness, and as we realize where the leaks are in our financial pipes, the repairs can begin.

We need to realize that a “new lower payment” may not be the answer, and that the wonderful refinance option with “no closing fees”, may cost us more than we could ever imagine.

We need to open our minds to new ways, and thoroughly investigate all of our options. Our futures depend on it!

How does making your mortgage payment bi-weekly save you money?

I got a letter in the mail from the bank that says paying our mortgage payment bi-weekly instead of monthly could save us $40,000 to $100,000 in interest and reduce our mortgage term by 7 to 9 years without refinancing. How does this work?

How much money do mortgage brokers make?

I heard that mortgage brokers drive Porches and make tons of money. By and large, how much does the average mortgage broker make?

Bank of America loses $5.2 billion as it repays bailout money, loan losses continue

Bank of America loses $5.2 billion as it repays bailout money, loan losses continue
Bank of America Corp. said Wednesday it lost US$5.2 billion during the final three months of 2009 as consumers struggled to make mortgage and credit card payments and the bank repaid its government bailout money.

Read more on The Canadian Press via Yahoo! Canada News